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Georgia governor issues shelter in place executive order for specific populations
On March 23, Georgia’s governor issued an Executive Order ordering specific populations to shelter in place and limiting the number of persons gathered in a single location. The order does not address financial institutions or otherwise identify categories of essential business, and expires on April 6.
Kansas Department of Credit Unions releases list of Covid-19 resources
On March 23, the Kansas Department of Credit Unions issued a statement to Kansas chartered credit unions including a list of Covid-19 resources that may be helpful. The list includes resources from both the federal government and the state of Kansas.
Rhode Island regulator encourages banks and credit unions to meet customer needs
On March 23, the Rhode Island Division of Banking issued a bulletin encouraging state-chartered banks and credit unions to take steps to meet the financial services needs of customers and communities impacted by Covid-19. This includes providing alternative service options in light of facility closures, waiving certain fees, increasing ATM cash withdrawal limits, easing restrictions on cashing checks, increasing credit card limits, and offering payment accommodations to borrowers. The Division emphasized that prudent efforts to modify the terms of an existing loan for affected customers will not be subject to regulatory criticism. Finally, the Division noted that it is willing to provide supervisory and regulatory relief to affected financial institutions.
Connecticut regulator permits paperless submission of investment company filings
On March 23, the Securities and Business Investments Division of the State of Connecticut Department of Banking issued interim guidance permitting investment company filers to make filings and submit payments electronically “for the foreseeable future.” The guidance also notes that the Division will be working remotely, which may cause delays in processing filings.
Kansas governor halts certain foreclosures and evictions
On March 23, the Kansas governor ordered that no bank or financial entity lending in Kansas could foreclosure on a residential property if all defaults or violations of the mortgage “are substantially caused by a financial hardship resulting from the Covid-19 pandemic.” In addition, the order precludes landlords from evicting residential tenants when all violations or defaults of the rental agreement are caused by financial hardship resulting from Covid-19. The order does not prohibit the continuation of evictions or foreclosures filed prior to March 23, or for foreclosures or evictions relating to borrowers or tenants who have not suffered a financial hardship resulting from Covid-19. The prohibition remains in effect until it is rescinded or the state of emergency is lifted.
Massachusetts governor orders closure of non-essential services
On March 23, the Massachusetts governor ordered all businesses providing non-essential services to close their brick and mortar premises as of noon on March 24 and not to re-open until April 7. The order was accompanied by a list of essential services that included financial services. The Massachusetts Division of Banks confirmed via a notice that all entities chartered and licensed by the Division are considered essential services exempt from the governor’s emergency order.
Ohio Division of Financial Institutions issues FAQ for mortgage loan originators and installment lenders during Covid-19 crisis
On March 23, Ohio’s Department of Commerce Division of Financial Institutions published an FAQ pertaining to telework and other operational changes for mortgage loan originators and installment lenders during the Covid-19 crisis. Among other things, the FAQs clarify the types of activities that may be conducted remotely and the applicability of Ohio’s Stay-At-Home Order to financial institutions.
Illinois Divisions of Professional Regulation and Real Estate extend all deadlines set by Department Administrative Law Judges
On March 23, the Illinois Department of Financial and Professional Regulation, Division of Professional Regulation and Division of Real Estate, issued a general order extending all deadlines set by any Department Administrative Law Judges by 21 days from the current deadlines set.
FINRA provides regulatory operations update
On March 23, FINRA issued a statement providing that it will focus its regulatory operations on the following areas: (i) risk monitoring, market surveillance, and enforcement programs, prioritizing matters that present the most risk in this current environment; (ii) monitoring for fraud, illicit schemes, and other manipulative activities seeking to take advantage of the tumultuous conditions created by Covid-19 and ongoing market volatility; (iii) engaging in regular communication with firms and making targeted requests for information regarding financial and operational capabilities, among other matters; and (iv) providing guidance and targeted relief to member firms in meeting their regulatory obligations. The guidance also notes that FINRA is temporarily limiting new routine requests for information, including in connection with cycle examinations.
Superior Court jury trials in California suspended
On March 23, the chief justice of California ordered superior courts to suspend jury trials for 60 days to mitigate Covid-19 risk. The order also extends statutory deadlines for trials in civil and criminal proceedings, and permits courts to immediately adopt rules for addressing the impact of Covid-19 without the need for public comment.